SUBSEQUENT EVENTS (Tables)

6 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

Schedule of Closed Block Assets and Liabilities [Table Text Block]

On July 3, 2013, the transactions as described above will have the following impact to our GAAP assets, liabilities and common shareholders’ equity.

(in millions)
Increase in MuniMae’s cash ($16.3 million of which will be reported as restricted)	$	78.5
Reduction in bonds on our consolidated balance sheet		(679.0)	A
Reduction in bond interest receivable (recorded through “Other assets”)		(4.4)	B
Reduction in TEB’s cash ($1.6 million of which was reported as restricted at June 30, 2013)		(44.8)	B
Net reduction in assets	$	(649.7)
Reduction in senior interests and debt owed to securitization trusts	$	574.7
Reduction in mandatorily redeemable preferred shares		121.0
Reduction in perpetual preferred shares ($121.0 million liquidation preference)		118.0
Reduction in interest and distributions payable (recorded through “Accounts payable and accrued expenses” and “Other liabilities”)		4.6
Increase in debt due to failed sales of bonds and interests in bonds		(94.4)	A
Increase in debt due from CFVs		(75.2)	A
Increase in interest payable due to failed sales (recorded through “Accounts payable and accrued expenses”)		(0.6)	B
Increase in interest payable due from CFVs (recorded through “Accounts payable and accrued expenses”)		(1.4)	B
Net reduction in liabilities	$	646.7
Net reduction in common shareholders’ equity	$	(3.0)	C

A. The sum of these amounts total $848.6 million and represents the fair value of the bonds sold on July 3, 2013.

B. Represents the total cash, restricted cash and interest receivable of $51.2 million transferred to the Purchaser as part of the sale of TEB.

C. Represents the difference between the Company’s carrying value of the perpetual preferred shares on June 30, 2013 of $118.0 million as compared to the liquidation preference amount assumed in the sale on July 3, 2013 of $121.0 million.